REG - Altona Rare Earths - Monte Muambe Operational Update

Altona Rare EarthsAnnouncement

15/12/2025 07:00

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RNS Number : 5148L  Altona Rare Earths PLC  15 December 2025

15 December 2025

 

 

ALTONA RARE EARTHS PLC

("Altona" or the "Company")

 

 

MONTE MUAMBE FLUORSPAR AND GALLIUM OPERATIONAL UPDATE,

USTDA ENGAGEMENT and EXERCISE OF WARRANTS

 

Altona Rare Earths PLC (LSE: REE), a resource exploration and development
company focused on critical raw materials in Africa, is pleased to provide an
operational update on the Monte Muambe fluorspar, gallium and rare earths
project in Mozambique.

 

Highlights

 

·      Expanded fluorspar-gallium resource drilling program (total 74
holes, 3,419m) completed

·      3,163 geochemical and metallurgical samples dispatched to
laboratory

·      Competent person site visit successfully completed

·      USTDA engagement for rare earths PFS funding has resumed and is
progressing

·      £50,000 warrants exercise notice received

 

Expanded drilling program completed

 

The Company is pleased to announce that it has completed 691m of diamond
drilling (15 holes) and 2,728m of reverse circulation drilling (59 holes), for
a total of 3,419m (74 holes). Most holes have encountered visible fluorspar
mineralization.

 

The meterage drilled exceeds by 70% the originally planned 2,000m. The
drilling program was expanded due to the encouraging results of the initial
holes and to the discovery of new targets, announced on 28 October 2025. This
expansion is expected to result in additional fluorspar Mineral Resource
Estimate ("MRE") tonnage.

 

Samples dispatched to South African laboratories, data collection completed

 

3,160 geochemical samples and 3 representative metallurgical samples of
fluorspar-gallium ore have been dispatched to assay and metallurgical testing
laboratories in South Africa. Assay results are expected in early 2026 and
once received they will be rapidly used to prepare and publish the project's
MRE.

 

Data collection on site was completed, including logging, density
measurements, and Real Time Kinetic ("RTK") topography surveying of the
different fluorspar areas. The RTK survey will allow the Company to prepare
reliable, high-resolution digital terrain models which are necessary for MRE
calculations.

 

As part of the requirements for the planned fluorspar and gallium JORC MRE,
competent person Joshua Hattingh carried out the site visit from 18 to 21
November 2025. The site visit enabled Mr Hattingh to verify both historical
and new drilling collars, and the implementation of drilling, logging,
sampling and surveying standard operating procedures. Mr Hattingh also visited
the sample assay laboratory in South Africa.

 

USTDA engagement for the Monte Muambe rare earths project continues to
progress

 

The Company is pleased to report that engagements with the USTDA with respect
to possible funding of the rare earths Prefeasibility Study have resumed after
the end of the US Government shutdown and are progressing rapidly, with an
expected decision in early 2026.

 

Business development activities

 

In line with the diversification strategy announced in 2024, the Company
continues to assess the possible low-cost acquisition of mineral assets having
potential for low capex, rapid development, and cash flow generation, in order
to create a long-term pipeline of projects. It is expected that at least one
such project will be acquired in the first half of 2026.

 

Exercise of Warrants

 

The Company is pleased to announce that it has received a Notice of Exercise
from an existing warrant holder in respect of 5 million warrants over shares
at a price of 1 pence per ordinary share.

 

Admission and Total Voting Rights

Application is being made for the new ordinary shares to be admitted to
trading on the Main Market of the London Stock Exchange which is expected to
be on or around 19 December 2025. Following this issue of 5,000,000 shares,
which will rank pari passu with the Company's existing ordinary shares, the
Company's enlarged share capital and total voting rights in the Company will
comprise 296,864,306.  The Company has no shares held in Treasury.  This
figure of 296,864,306 ordinary shares may be used by shareholders in the
Company as the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's Disclosure
Guidance and Transparency Rules.

 

Cédric Simonet, CEO of Altona, commented:

 

"I am pleased with the completion of a very busy 2025 drilling campaign, with
positive results on the ground justifying a 70% increase of the drilled
meterage, underpinning the potential for a larger MRE than originally
anticipated.

 

I look forward to the publication of the fluorspar-gallium MRE in early 2026,
as soon as the assay results have been returned by the lab, as well as to
progress on the USTDA front for the rare earths."

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

To subscribe for RNS alerts, please visit: https://investors.altonare.com/
(https://investors.altonare.com/)

 

-ends-

 

Altona Rare Earths Plc

Cédric Simonet,
CEO
+44 (0) 7778 866 108

Louise Adrian, CFO
                                         +44 (0) 7721
492 922

 

Strand Hanson Limited (Financial
Adviser)
+44 (0) 20 7409 3494

Christopher Raggett

Imogen Ellis

 

Zeus Capital (Corporate
Broker)
                             +44 (0) 20 3829 5000

Simon Johnson

James Hornigold

 

 

About Altona Rare Earths Plc

 

Altona Rare Earths Plc (ticker: REE) is a London Main Market-listed
exploration and development company focused on unlocking the value of critical
raw materials across Africa. The Company is pursuing a diversified strategy,
targeting assets with potential for near-term monetisation alongside long-term
growth.

 

The multi-commodity Monte Muambe Project in northwest Mozambique is a highly
prospective tenement hosting rare earths, fluorspar, and gallium
mineralisation. Since acquiring the project in June 2021, Altona has drilled
over 7,800 metres, delivering a maiden JORC Mineral Resource Estimate of
13.6Mt at 2.42% TREO, secured a 25-year mining licence (granted December
2024), and published a Competent Person Report and scoping study for the rare
earths component of the project (October 2023). The Company is actively
engaging with the US Government, through USTDA, as a possible strategic
partner to advance the rare earths project through the prefeasibility stage.

 

In parallel, Altona is progressing plans to fast-track the development of
high-grade fluorspar veins identified along the western and southern margins
of Monte Muambe, with a targeted production of 50,000 tonnes per annum of
acid-grade fluorspar over a minimum 12-year mine life. Acid-grade fluorspar is
a key input in a wide range of applications, including hydrofluoric acid,
lithium battery electrolyte production, and nuclear fuel refining, placing
Altona in a strong position to supply this critical material.

 

The discovery of gallium mineralisation, with grades up to 550 g/t identified
to date, adds further value to Monte Muambe. The Company has established that
gallium will be concentrated in fluorspar production tailings and is assessing
its possible recovery as a by-product of fluorspar.

 

Altona's diversified portfolio also includes the Sesana Copper-Silver Project
in Botswana, strategically located just 25 km from MMG's Khoemacau Zone 5
copper-silver mine. Situated on a recognised regional contact zone for copper
deposits, Sesana represents a compelling exploration opportunity aligned with
Altona's growth strategy.

 

With a unique combination of critical raw materials projects, Altona is well
positioned to contribute to the global supply of highly sought commodities
essential for clean energy, high technology, defence and industrial
applications.

 

The Company and the Board remain actively focused on identifying and
evaluating additional projects that align with our investment profile and
strategic objectives, leveraging our extensive network and combined industry
experience to uncover compelling opportunities that can drive long-term
growth.

 

 

Competent Person Statement

 

The information in this RNS that relates to geology and exploration results is
based on information compiled and/or reviewed by Cédric Simonet, who is a
Member of European Geologist Federation (Eur. Geol. #739). Cédric Simonet is
the Chief Executive Officer and a Director of the Company. He has sufficient
experience which is relevant to the styles of mineralisation and type of
deposit under consideration and the activity which he is undertaking to
qualify as a Competent Person in terms of the 2012 Edition of the Australian
Code for the Reporting of Exploration Results, Mineral Resources and Ore
Reserves. Cédric Simonet consents to the inclusion in the RNS of the matters
based on his information in the form and contest in which it appears.

 

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